San Francisco: Admitting that he’s “obviously” overpaying to accumulate Twitter, Elon Musk has stated that the micro-blogging platform has nice potential in the long run.
In an earnings name after posting robust Tesla quarterly outcomes, Musk stated late on Wednesday that Twitter has “incredible potential”.
“The long-term potential for Twitter, in my view, is an order of magnitude greater than its current value,” he advised analysts.
“I am excited about the Twitter situation because obviously, I know that part incredibly well. And I think it’s massive and has sort of languished for a long time but has incredible potential,” the world’s richest man famous.
“Although obviously, myself and the other investors are obviously overpaying for it with Twitter right now,” Musk added.
Musk is paying $44 billion for Twitter if the deal goes by means of after dramatic twists and turns which has resulted in Musk and Twitter reaching the courtroom.
A trial within the Delaware Court of Chancery within the US has now been postponed until October 28.
Musk is prone to promote a portion of his shares in Tesla to assist finance the shut of that $44 billion take non-public deal, experiences CNBC.
The Tesla CEO is being investigated by federal authorities over his $44 billion takeover deal of Twitter, the micro-blogging platform revealed in a courtroom submitting final week.
In response to Twitter’s submitting, Musk’s lawyer Alex Spiro was quoted as saying that it is a transfer to “distract from Twitter’s own legal problems”.
